غرامات تصل إلى 5 ملايين ريال لمخالفات «المساهمات العقارية»

The Board of Directors of the General Authority for Real Estate has approved a new schedule for violations of the Real Estate Contributions System, imposing strict financial penalties on violators. The schedule, published in the Umm al-Qura newspaper, includes fines of up to 5 million riyals in some cases, such as borrowing funds without authorization or allocating borrowed funds for purposes other than contributions.

Four violations will be referred to the Public Prosecution for investigation and adjudication before the competent court, which are collecting funds or advertising real estate contributions without a license from the Capital Market Authority, the contribution manager making decisions without considering how to handle conflicts of interest, selling real estate contribution assets without evaluating them by accredited appraisers, and failing to deposit the financial returns related to the contribution directly into the escrow account. The regulation stipulates penalties for property owners who fail to transfer the ownership of their properties to the real estate contribution, with fines of up to 500,000 riyals in some cases.

The penalties include fines ranging from 10,000 to 70,000 riyals for violations related to the failure to submit periodic reports or the failure of the engineering consultant and the legal accountant to comply with regulatory procedures, in addition to preventing violators from engaging in any work related to real estate contributions for up to 5 years in some cases. The system aims to regulate real estate contributions, enhance transparency, and protect the rights of contributors.